Israel Corp., the parent company of Zim, is reportedly planning to split into two companies.
Press reports in the Financial Times
cited a filing with the Tel Aviv Stock Exchange that they say indicated Israel Corp. is planning to spin off its non-chemical businesses into a new company that would include Zim; Qoros, a China-based auto maker; Tower Jazz, a semiconductor company; and IC Power and IC Green Energy, both power companies.
Israel Corp. would retain its investment in ICL, a fertilizer and specialty chemical maker and oil refineries.
The reports come nearly a week after the Haaretz
newspaper had reported Israel Corp. had discussed a debt restructuring plan in April with banks and bondholders that would have allowed Israel Corp. to "hand over its interest in Zim Integrated Shipping Services to the company’s creditors and walk away." The newspaper said that plan was not made public.
Israel Corp. owns a 99.7 percent stake in Zim. The Haaretz
article said the Israeli government has what it calls a golden share in Zim that gives it "veto over the transfer of an interest of 24 percent or more in the company. The veto is meant to protect the state’s vital interests in the company." - Chris Dupin